“Millennials seek purpose, crave meaningful experiences, and reward brands that align with their values. By intertwining purpose and experience, we unlock the true potential to captivate the millennial buyer and cultivate unwavering loyalty.” —Samantha J.
SJ Hot Reading Song Tip: Valse Naturelle by Etienne Balestre
Are you ready to break free from the limitations of the mass-market business model? It's time to embrace a new paradigm that not only improves every aspect of your life but also empowers you to make a significant impact on the world. Introducing the Purpose and Profit Revenue ModelTM, a transformative approach that merges purpose and profitability in the realm of luxury business. Let’s first explore the difference between a mass market and a luxury business approach.
Overall, the mass market approach is characterized by its focus on reaching a broad customer base, offering affordable products or services, prioritizing functional value over exclusivity, utilizing wide distribution channels, and employing mass marketing techniques. This approach allows businesses to achieve high sales volumes and capture a significant market share.
In this diagram, I outline how, in order to increase our money, profitability, or revenue in the business, it often requires more of our time. At the start of the journey of entrepreneurship and growing our business, our freedom and fulfillment are often high, as we are filled with a great deal of vision, passion, and enthusiasm for the journey ahead. Only that the longer that we are in our business, the more time, the more energy, the more challenges, and the more we lose our sense of freedom and fulfillment, which causes it to feel more like a prison than anything else. Often, what disheartens purpose-led entrepreneurs is the sheer fact that they are unable to balance the purpose and profitability of the company.
Some common ways this happens are:
A luxury business model is the most efficient and effective way to be able to stand for both purpose and profits; it is also the only way to scale a business long-term in a sustainable way that improves every area of your life, so you don’t have to sacrifice your love or family life along the way. Before I go into how, let me share the characteristics of what I mean when I say a luxury business model.
In this diagram, you will see that in order to increase the money, profitability, or revenue of the company with a luxury business model, you must begin with your ideal lifestyle and the time you desire to put into the business. Due to the higher profitability of the business model, this means you can be supported with teams and systems, you can contribute to causes closer to your heart, you can deliver a more exceptional customer experience to your clients, and it will improve every area of your life along the way as the business grows.
Transitioning to a luxury business model can bring personal fulfillment, attract discerning clients, and create positive impacts on an individual, client, and planetary level. By focusing on exceptional quality, unique experiences, and sustainability, luxury businesses can contribute to the overall well-being of individuals, offer memorable experiences to clients, and promote responsible consumption and production practices for the benefit of the planet.
Luxury is often associated with exclusive designer products, but it goes beyond that. Embracing a luxury business model doesn't mean leaving behind those with smaller budgets. That's where the Purpose Meets Profit Diversified Offer SuiteTM comes into play.
Picture a plane soaring through the sky. Onboard, there's economy class, premium economy class, business class, and first class. Each class caters to different needs and preferences, ensuring that every passenger finds the right fit. Your business can follow the same principle.
By diversifying your offer suite, you open up opportunities to cater to a wider range of customers. You can provide solutions at different price points, accommodating varying budgets and preferences. This approach allows you to extend your brand's reach and impact, ensuring that no one is left behind.
Just like a well-designed plane, your offer suite can be thoughtfully crafted to meet the diverse needs of your audience. From entry-level options that offer practical solutions to premium offerings that provide a luxurious experience, your business can provide a comprehensive range of choices.
The Purpose Meets the profit.Diversified Offer SuiteTM empowers you to create a business ecosystem that serves customers across the spectrum. It's about inclusivity and ensuring that everyone can benefit from what you have to offer.
So, whether your customers are looking for a taste of luxury or seeking practical solutions, you can provide them with options that align with their needs and aspirations. Your diversified offer suite becomes a vehicle for growth, expansion, and impact, taking your brand to new heights.
Don't limit yourself to a single class. Embrace the power of a diversified offer suite and let your business soar, serving a broader audience while staying true to your purpose and profitability.
In the world of a purposeful and profitable luxury business model, it's essential to understand that while your target niche remains the same, there are various experiences that can lead individuals from their initial problem to the ultimate promise. Let's delve deeper into these distinct experiences:
By offering these distinct experiences within your diversified offer suite, you cater to the varying needs, preferences, and budgets of your customers. Each class provides a unique level of support and engagement, allowing individuals to choose the experience that best aligns with their desires and aspirations.
Importantly, the purpose and profitability of your business remain at the core of each class. Regardless of the chosen experience, you are committed to delivering value, solving problems, and helping customers achieve their desired outcomes.
Remember, your offer suite is not about limiting or excluding anyone. It's about providing options and tailoring your services to different segments of your audience. This approach allows you to serve a wider range of individuals while maintaining a cohesive brand identity and purpose.
So, whether your customers choose economy, business, or first class, they can embark on a transformative journey that leads them from their initial problem to the ultimate promise. Embrace the power of diverse experiences and create a luxurious path to success for your valued customers.
This is an excerpt of the best-selling book by Samantha J. called "Illuminator; click here for the full copy: https://www.iamsamanthaj.com/books
“Luxury business models provide the profitability for entrepreneurs, to have the time and freedom for their love and family life, so they are deeply fulfilled, as they leave the largest social impact on the planet”. - —Samantha J.Read More